In the same way Amazon’s purchase of Whole Foods forced down prices in supermarkets, Wag will intensify price competition among pet food retailers, especially online, AllianceBernstein analysts said in a report on Thursday.

Pet food is an attractive market: Americans spent $32 billion on it last year, according to AllianceBernstein.

“Pet owners are increasingly viewing their pets as a part of the family and are looking for products that are similar to their own eating preferences,” Morgan Stanley analyst Matthew Grainger said in a report last month.

Pet food is growing faster than the broader packaged food industry, led by owners willing to buy higher-priced foods with natural ingredients for their pets.

General Mills, the maker of Cheerios, bought Blue Buffalo in February for $8 billion. JM Smucker paid $1.9 billion for Ainsworth Pet Nutrition, the producer of Rachael Ray Nutrish, in April and scooped up Big Heart Pet Brands for nearly $6 billion in 2015.

Amazon’s entry into the industry poses a threat to them. Shares of both companies fell on Thursday.